The Principal Act is amended -

(a) in section 25 -

(i) in subsection (1), by the substitution of "Subject to subsection (2A), a company not resident" for "A company not resident", and

(ii) by the insertion of the following subsection after subsection (2):

"(2A)

(a) Where a company not resident in the State is chargeable to tax under Case V of Schedule D in respect of any profits or gains, that company shall be chargeable to corporation tax on those profits or gains.

(b) Where a company not resident in the State disposes of an asset in respect of which the company was chargeable to tax under Case V of Schedule D on any profits or gains therefrom, or would have been but for an insufficiency of such profits or gains, the company shall, subject to section 649, not be chargeable to capital gains tax in respect of gains accruing to it on the disposal so that it is chargeable in respect of them to corporation tax.

(c) This subsection shall apply to profits and gains accruing on or after 1 January 2022.",

(b) in section 308, by the insertion of the following subsections after subsection (2):